Having the right property manager for your investment property is crucial. For most of us, our investment property is our biggest, or second biggest asset; so it’s important to choose the best property manager you can.
A professional property management company can make owning a rental property stress free and easy – allowing you to focus on other things and helping you to expand your rental portfolio more quickly.
What Does a Property Manager Do in NZ?
A competent property manager has a robust tenant selection process, ensuring that reliable and responsible tenants occupy your property. This involves thorough background checks, rental history verification, and reference interviews. At Aspire we use Renti; the best tenant processing platform available for property managers in NZ.
Property Listing and Marketing
A good, accurate property listing with excellent photos and the correct rental price is essential for finding tenants quickly. A good property manager will be able to assess your property to see if professional photos would be of benefit, and they will also advise on anything else that would help get the property rented; i.e. would it benefit from having some whiteware included? Does a tree need to be trimmed? Should you allow pets?
Property managers provide accurate rental appraisals based on market data and trends, helping property owners determine the optimal rental rate for their investment. An inaccurate rent appraisal can lead to costly property vacancy.
Regular property inspection frequency should be agreed to at the start of your relationship with your property manager. These inspections help identify any maintenance issues and ensure that tenants are adhering to the terms of the tenancy agreement. They are also essential to meet your landlord’s insurance requirements. Entry and exit inspections are also needed at the start and conclusion of tenancies.
Rent Collection and Arrears
Property managers are adept at handling rent collection and addressing any arrears promptly. This ensures a steady and reliable stream of rental income for property owners. When choosing a property management company, it pays to ask them what their current rent arrears statistics are.
Property managers also take care of time consuming administrative tasks, such as splitting water bills to ensure owners and tenants are paying the correct amount.
Tenancy Tribunal and Legal Compliance
In the event of disputes or legal matters, property managers are well-versed in the tenancy tribunal process and ensure that all requirements are met for attending tribunal hearings. Property managers also know all of the current legal requirements of tenancies so they will ensure that any property they manage is compliant – for example Healthy Homes Standards and the Residential Tenancies Act.
One of the most important parts of owning a rental property is ensuring it’s maintained to a standard that meets the requirements of the RTA, and to ensure that your asset is in good condition. At Aspire we have our own maintenance team who can carry out jobs approved by our owners. Did you know that as a residential or commercial landlord, your rental property is considered a business, and you are considered a Person Conducting a Business or Undertaking (PCBU); for the purposes of applying the Health and Safety at Work Act 2015? In a nutshell, this means you need to vet every contractor that works on your property to ensure that they meet all requirements. At Aspire we do this for you.
Questions to Ask Your Potential Property Manager
Before entrusting your investment property to a property manager, it’s crucial to research the business and ask the right questions. A good place to start is by reading Google Reviews, and taking note of how many reviews there are, and if there is a good mix of reviews from landlords and tenants.
Here are some questions to get you started:
- How many properties do you manage? How long have you been in business?
- How do you handle the tenant selection and screening processes?
- What systems do you have in place for property inspections and maintenance? How often do you do inspections?
- What’s your current time on the market for your property listings?
- How do you handle rent arrears and tenant disputes?
- Can you provide references from current clients?
- What are your fees and what services are included?
- Do you add your management fee to your maintenance bills and other outgoings?
- Is there a contracted amount of time I must sign up with you for?
- How do you stay updated on changes in the property market and tenancy laws?
Why Choose Aspire?
Find out more about our residential property and commercial property management services now. We can answer all of the above questions for you on a call or over email. We don’t add fees to maintenance bills, and we don’t lock you into a contract, so why not try us out today?